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Merry Christmas from President Obama! Citigroup cuts 11,000 more jobs

Home - by - December 6, 2012 - 14:14 America/New_York - 9 Comments

WyBlog

Out with the Hope And Change, in with the unemployment lines. Hey, it’s what happens when you re-elect the most anti-business president in the history of the universe.

Citigroup to lay off 11,000, close 6 branches in New Jersey

Citigroup said yesterday it will cut 11,000 jobs, in a bold, early move by new CEO Michael Corbat.

Six of Citigroup’ 31 branches in New Jersey will be among the casualties, according to spokeswoman Catherine Pulley.

The branches — in Bayonne, Brick, East Hanover, Nutley, Roseland and Springfield — will close by Dec. 14.

Prior to yesterday’s announcement, Citi had been consolidating operations in New Jersey. It was in the process of closing a Weehawken-based technology office and moving the office’s 88 jobs to other locations, Citi spokeswoman Janis Tarter said in October.

The 11,000 cuts nationwide amount to about 4 percent of Citi’s workforce. The bulk of them, about 6,200 jobs, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking accounts.

Citi said it will sell or scale back some of its overseas operations and focus on 150 cities around the world “that have the highest growth potential in consumer banking.”

The bank, the third-largest in the country by assets, said about 1,900 job cuts will come from the institutional clients group, which includes the investment bank. The company will also cut jobs in technology and operations by using more automation and moving jobs to “lower-cost locations.”

Yeah, “lower cost locations” is “places without Obamacare” and/or “places Obama can’t tax”. Yet.

 

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» 9 Comments

  1. Jack Daniels

    December 6th, 2012

    Well you can’t put people on welfare if there are still jobs to be had can you?

    Thumb up +6

     
  2. Wyatt, Insensitive Progressive Jerk

    December 6th, 2012

    Everyone is so focused on the fiscal cliff that we are failing to notice that we are already driving into a fiscal canyon.

    Thumb up +7

     
  3. tenmegaton

    December 6th, 2012

    And it is not January yet. This is going to be good if you hate Obama.

    Thumb up +4

     
  4. I Luv Bacon

    December 6th, 2012

    In Demo-commie-socio lingo, Unemployment is actually stimulating!

    Thumb up +3

     
  5. moarkdave

    December 6th, 2012

    Almost all of these big companies that are doing the downsizing and laying off, knew BEFORE the election that they would need to do this.
    If they had not wanted Obarko reelected they could have easily released this info out before the election and swayed peoples votes. BUT NO, they were almost all silent and waited until after the election to announce all of this. These big companies (in a way) helped him get reelected.

    Thumb up +4

     
  6. mossberg12gal

    December 6th, 2012

    Interesting, in my small town in North Texas, our Citibank branch closed in the summer…most employees went to other local banks or are enjoying unemployment compensation at the moment

    Thumb up +2

     
  7. Moe tom

    December 6th, 2012

    Well unemployment is good for the economy. People cash those checks and spend the money on stuff.

    Thumb up +3

     
  8. Moe tom

    December 6th, 2012

    I just heard hollorin’Howard Dean say. Everyone must pay more taxes, not just the rich.Everyone. The Military must be cut. Social services also but not so much. Mark Levin asks the question, does this guy have a wife? Anyone ever see her? Is she locked away in an attic?

    Thumb up +2

     
  9. Stranded in Sonoma

    December 6th, 2012

    Don’t worry. 12,000 people just went off of the unemployment rolls so this will show as a net job gain.

    Thumb up +1